ProShares UltraPro S&P 500 ETF (UPRO) Hits Oversold Levels
On Thursday, shares of the ProShares UltraPro S&P 500 ETF (Symbol: UPRO) dropped into oversold territory, trading as low as $65.31 per share. The oversold condition is identified using the Relative Strength Index (RSI), a popular technical analysis indicator that measures price momentum on a scale of zero to 100. A stock is deemed oversold when its RSI falls below 30.
Currently, the RSI for UPRO is recorded at 28.9. For context, the S&P 500 has an RSI reading of 30.7. Investors with a bullish outlook may interpret UPRO’s RSI as a signal that the substantial selling pressure is beginning to wane, prompting potential buying opportunities.
Examining the one-year performance of UPRO (chart below), the ETF’s lowest value in its 52-week range was $58.74 per share, while its highest peak reached $100.06. The last trade price stood at $65.47, reflecting a decrease of approximately 13.9% on the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
